Natural Grocers by Vitamin Cottage Inc

On May 7, 2025, the Company and Chalet Properties of Pueblo, L.L.C., a related party owned by members of the Isely family, entered into the Shopping Center Lease pursuant to which the Company will lease real property in New Mexico (the “Lease”). The initial term of the Lease will be 120 months with four additional renewal options of 60 months each. The Company will pay annual rent of approximately $0.2 million pursuant to the Lease during the initial term. On May 7, 2025, the Company also entered into the First Amendment to Lease with the Land Trust (the “Lease Amendment”), modifying the terms of the previously disclosed Lease, dated February 29, 2012, between the Company and the Land Trust, pursuant to which the Company leases real property in Colorado. The Lease Amendment extends the lease term for an additional 99 months and provides two renewal options of 60 months each. The Company will pay annual rent of approximately $0.3 million pursuant to the Lease Amendment.

As required under the Company’s related party transaction policy, the Company’s audit committee approved the terms of these transactions. The foregoing descriptions of the Lease and the Lease Amendment do not purport to be complete and are qualified in their entirety by reference to their complete text, copies of which are filed as Exhibits 10.1 and 10.2, respectively, to this report and are incorporated by reference herein. This disclosure is responsive to Item 1.01 of Form 8-K.